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    Bitcoin Daily Discussion, February 16, 2021

    February 16, 2021

    Bitcoin Daily Discussion, February 16, 2021

    Daily Discussion, February 16, 2021

    Posted: 15 Feb 2021 11:00 PM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Don't you know ? Pump it up ( Bitcoin 50k ) ����

    Posted: 15 Feb 2021 10:18 PM PST

    Hayek predicting bitcoin. MUST SEE.

    Posted: 15 Feb 2021 12:02 PM PST

    50k ��

    Posted: 16 Feb 2021 04:29 AM PST

    Lessons I have learned in the last 8 years.

    Posted: 15 Feb 2021 05:42 PM PST

    Back in 2013, I saw a once in a lifetime opportunity in Bitcoin.

    So I wired $3000 to Mt Gox, bought at $125 at the peak of the bull market (like a sucker!). I day traded and learned exactly why you shouldn't day trade before withdrawing what remained 1 month before Mt Gox collapsed. Then I decided to HODL, because I knew I was so far ahead of the adoption curve.

    Then I suffered my first bear market. I had bought at the peak and my $3000 was now worth a fraction of that, but thankfully for me I had only invested an amount that I was prepared to lose. That's lesson #1 in investing.

    Later that year, the price exploded to $1000, I had suddenly made multiples of what I initially invested. But lucky for me I had a stable job and didn't feel the need to cash out anything. I was in it for the long term and still saw an extremely asymmetric upside. I didn't want to sell until it could make a meaningful impact on my life. The HODL mentality started to make sense.

    Then we went through a long bear market. Bitcoin was "dead" but I still held a strong belief that it was still a once in a generation opportunity.

    In 2017 things started to pick up, forks started to happen. I immediately sold all of the shitforks for BTC, and strengthened my overall position. Then watched as the price started to really take off.

    I sold a small amount to recover my initial $3000 investment as the price rose, this was a strong psychological barrier for me as now I was purely playing with house money, I literally cannot lose as long as I don't go chasing losses.

    Then the price went up to $25k AU. Suddenly my portfolio was worth hundreds of thousands of dollars. Enough to make a difference in my life. I sold about $30k worth just to make sure that, no matter what happens I will walk away with a 10x profit on my initial investment. But the opportunity was too great to ever sell all of what I have. I stayed up at night agonising over my decision not to take big profits, it was a very stressful time for me despite my financial situation being better than ever. This was a stress that I was not prepared for. Getting rich is supposed to be all smooth sailing, right? I was still in a fortunate enough position to be in a well paid stable job, so was still able to hodl despite the stress it was causing me.

    Then the price crashed, Bitcoin was "dead" for the 100th time. I went from having hundreds of thousands on paper, to only having tens of thousands. This time it hurt.

    I had been through enough bull cycles by this time to know that if/when the next one would eventually came it would dwarf all others. And by the time that happened, what I had learned was that I needed to have a solid plan in place so I could execute it without making irrational decisions.

    2020 was a bad year for all of us, but a few months ago things started to stir……

    Yesterday I passed $1 million (AU) in hodlings. This was one personal milestone for me, and while I was targeting a profit taking price of $71k AU, I started getting that creeping sense of dread that this could all evaporate again like it did in 2017. I had spent the last week not sleeping, watching charts, watching videos, trying to guess where the price was going. I had my plan, but the price stalled just below the $50k(US) level which correlated to about $63k AU. At this point I had an honest discussion with my amazing fiancé as the stress was starting to affect my quality of life, I decided to take some decisive action.

    I cashed out $200k yesterday, enough to make an impact in my life while still holding onto a majority of my hodlings. This was literally minutes before yesterdays dip happened so the sense of relief that came over me was only further reinforced by the dip that soon followed.

    I am now in a position where I have more cash at hand than I ever thought I would, in addition to still hodling onto ~$800k in Bitcoin. Even tho I sold a lot yesterday I still feel like this Bull run has a long way to go. But I took profits that made sense to me in the context of my overall financial position and feel great about my decision. Sure one day that $200k could become $2million eventually, but that is why I still hold a majority of what I initially bought. I will never sell it all. EVER.

    My learnings from this whole thing are that the key to realising the upside requires patience and a balanced temperament. If you are a later adopter than me then just know that when the price starts getting into the kind of territory where it can meaningfully shift your life, BE PREPARED FOR THE STRESS THAT IT WILL INDUCE, and have a plan in place to handle it accordingly. Stress makes people make bad decisions and you need to be prepared for this.

    I see way too many people in this place who sell everything they have, but the alternative that I suggest is if you start getting uncomfortable then there is no shame in taking profits on the way up. Never EVER sell everything you have, just sell enough to make the creeping sense of dread go away while holding enough to continue riding the revolution that Bitcoin is.

    TL:DR;

    1. Don't put more than you can afford to lose on the line
    2. Don't Day Trade. Most people who read charts are con artists. Just buy, Hodl and be patient.
    3. Be prepared for the stress that rising prices will induce
    4. Take profits that make sense to your financial position to alleviate the stress on the way up
    5. Never, EVER sell everything. The opportunity is far too great to miss.
    6. If we enter another bear market, HODL on harder than ever. You will be rewarded eventually.
    submitted by /u/letmetellyouastry
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    Pumpin these 'til we hit 50!

    Posted: 15 Feb 2021 06:49 PM PST

    1 Bitcoin = $50,000!! This is what 1 BTC looks like in hundreds. Insane.

    Posted: 16 Feb 2021 04:31 AM PST

    Bitcoin explained by a toddler

    Posted: 15 Feb 2021 11:13 PM PST

    You will be ridiculed for not joining IN.

    Posted: 15 Feb 2021 05:49 PM PST

    Me to bitcoin tonight...

    Posted: 15 Feb 2021 08:39 PM PST

    Bitcoin hits $50k on Binance

    Posted: 16 Feb 2021 04:29 AM PST

    Just happened, new ATH hit.

    Resistance at this psychological level is high but do we think it'll push on from here?

    submitted by /u/Dogetitz
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    Graduating with no jobs in sight I took matters into my own hands and have since daytraded BTC. Today I reached my goal of 1 BTC.

    Posted: 16 Feb 2021 12:36 AM PST

    Thank you all crazy mofos who believed in Bitcoin. My friends and family all shrudded, but now I wont get booted from my place. And plenty of time to find a job...

    submitted by /u/Weed_xxx_Blazer
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    Bitcoin is just an 8% move away from joining the $1 trillion market cap club

    Posted: 15 Feb 2021 08:53 PM PST

    For everybody here asking r/Bitcoinbeginners types of questions, here ya go!

    Posted: 15 Feb 2021 06:10 PM PST

    CNN: Corporate America cannot avoid the bitcoin discussion any longer because of Tesla

    Posted: 15 Feb 2021 10:19 PM PST

    Turning Weed (my addiction) into Bitcoin

    Posted: 15 Feb 2021 06:08 AM PST

    Im a 19yr old and after many years of being a stoner I've always thought back on how much money I've wasted on something ill never get back. Some might say you can't put a price on memories but the truth is for me that I don't remember 80% of the shit I've done while high.

    At the beginning of this pandemic I was a little happy I now had an excuse to just stay at home and smoke my weed but I quickly started to see things differently. I was now wasting away my days and gaining absolutely nothing.

    So around New Years I decided I wanted to take a break and just breath and see if I could do more or even be just as happy without weed. After just a few weeks I understood that all it did was make my mind foggy and take away my time. Recently I became very intrigued by crypto currencies and it boggled my mind how bulletproof Bitcoin seemed to me. I do believe it can be a major asset in the future and if not Bitcoin it self it'll at least pave the way for the others.

    So I've decided I will now take all the money I save from not smoking anymore and put it into Bitcoin mostly and other cryptos and stocks. I will do so by DCA and I'm so excited to see where this goes. I hope this post can maybe point other young adults in the same direction and to be smarter with your money.

    EDIT: Thank you guys for all the meaningful words and support, y'all got me feeling all warm and fuzzy inside lol

    EDIT 2: I see a lot of you guys saying why don't I just grow my own MJ and then take the profits to buy Bitcoin or stocks afterwards. I could do this as I do live in a country where it's legal. But I guess I didn't make it very clear that PERSONALLY I've always had my doubts of being a daily user and I've taken breaks or tried quitting before but I always came back to it. Even trying to smoke in moderation always brought me back to using daily. To my luck I was able to throw dabs away and just stick to flower as I found that to be much better more my health and mentality. However the main goal of this post was to show people how the real reason I've been able to go full on cold turkey is by simply replacing a bad habit with a good one. Investing. This wasn't to persuade everyone but simply help push those who were on the edge like I was.

    I've already gotten tons and tons of comments about how I've inspired many to change and I'm so glad to have helped. KEEP IT UP! Your future self's will thank you

    submitted by /u/Rikky999
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    countries banning bitcoin

    Posted: 15 Feb 2021 08:15 PM PST

    it's ironic that the 2 countries most replete with scamming, india and nigeria, are the ones banning cryptos. says a lot about their priorities. you can't legitimately trade bitcoin but if you're scamming the vulnerable pretending to be the irs or tech support, we'll look the other way.

    submitted by /u/rhash
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    MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes to purchase additional bitcoin

    Posted: 16 Feb 2021 04:23 AM PST

    Los Angeles graffiti artist got down, #BTC to the MOON!

    Posted: 15 Feb 2021 08:15 PM PST

    All of us waiting for $50k

    Posted: 15 Feb 2021 07:25 PM PST

    Arguments That Bitcoin Harms The Environment Through Wasteful Emissions Miss The Mark

    Posted: 16 Feb 2021 02:51 AM PST

    Milton Friedman Predicts The Rise of Bitcoin in 1999: "One thing missing from the internet is a reliable e-cash, a method by which you can transfer funds from A to B, without A knowing B and B knowing A."

    Posted: 15 Feb 2021 07:07 PM PST

    JPMorgan chief says "we will have to be involved" with Bitcoin

    Posted: 15 Feb 2021 12:17 PM PST

    Bought Bitcoin for my baby boy's college fund!

    Posted: 15 Feb 2021 08:07 PM PST

    I'm a full time leather crafter of six years. My business has been moderately successful. But now, my wife and I are having a baby boy in June. So thinking for my son's future, I invested in some bitcoin for his college fund.

    Then I thought, wouldn't it be cool if I could accept bitcoin for my leather goods. So, I looked it up and I can.! So, I did. And with that, I have taken a tiny step for the betterment of all mankind :D

    Shameless plug, this is my website: www.blackbearleather.com

    submitted by /u/blackbearleather
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    Why You NEED Bitcoin in 2021! | Michael Saylor Explains Why Bitcoin Is More Important Now Than Ever!

    Posted: 16 Feb 2021 01:19 AM PST

    Advice for anyone with a few BTC

    Posted: 16 Feb 2021 01:48 AM PST

    Bitcoin is about to break 50k. Here's what you should do if you have a few BTC and you want to make it this run.

    • Get out of alts, convert everything to BTC,
    • Put it all in cold storage,
    • Log out of exchanges,
    • Log out Reddit, Twitter, Facebook and block these sites.
    • Ignore stories about people selling for lifechanging money
    • Block crypto news websites,
    • Block crypto price/marketcap sites,
    • Ignore friends shilling alts, if anybody asks say you sold all already
    • Check back in Sep/Dec.

    update: I do not care about your opinion on alts. Go ahead lose some BTC for me, see if I care.

    submitted by /u/toplelkekfag
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